Payer Healthcare: Leveraging Payment Experience To Benefit Members
According to Black Book Market Research, 95% percent of consumers would make their healthcare premium and responsibility payments online if offered and 85%+ are increasingly looking for a patient-centered financial experience that includes1:
- Clear information on breakdown of costs,
- Help understanding their financial responsibility, and
- Easy payment options.
As the rise of high deductible health plans have shifted the burden of healthcare costs to consumers, they are paying more attention to their healthcare choices, and this presents a challenge for health plans seeking to expand their memberships.
Member engagement has always been a priority for health plans, but now it is taking center stage. An increase in consumer financial responsibility coupled with a rise in healthcare consumerism has increased competition, and if health plans want to be successful, they will need to find newer and better ways to engage their members.
Convenient Payment Experience Just the Beginning
Health plans may not realize that they can leverage the online collection of premium payments to capture and retain new members to grow market share and serve a wider and more diverse population.
Now that healthcare consumers must pay more out of pocket, they are shopping for health plans, comparing costs and evaluating the quality of services they receive for those costs. Understandably, more consumers are struggling to keep up with their payments and seek clarity on their financial responsibility so they can improve planning and budgeting for their healthcare expenses.
Providing an easy payment experience with flexible payment options is a solid foundation from which to start delivering more satisfying member experiences; however, increasingly savvy consumers want even more than an easy payment experience. They also want access to information about their payments, clinical activities and wellness incentives available to them for completing healthy activities.
Additionally, an increasingly diverse population has resulted in the need for specialized services:
- One out of five members speak a foreign language at home2, and some don’t speak good English. Providing multilingual options may be a way to attract and engage that rising population.
- More than a third of members come from split homes3 and may need an easy way to update their dependent status as changes occur within their complex households.
- As the elderly population increases, health plans may grapple with a larger population of people who would feel more comfortable using IVR to make payments.
Offering Positive Experience Can Result in Cost Savings
If health plans use their secure online premium payment channel to deliver explanation of benefits (EOBs), critical quality information, and member incentive payments, health plans can offer positive member experiences while at the same time reducing:
- Costs by transitioning payments processing to electronic, even when paid by check
- Call center volume
- Days sales outstanding (DSO) by collecting cash more quickly
As a result, health plans can improve member engagement, brand loyalty and their ratings with CMS and HEDIS, effectively cementing their status in the market as a favorable choice among consumers seeking health plan coverage.
Payspan’s Premium Payments Solution for health plans offers flexible payment options and intelligent, intuitive tools to create satisfying experiences for diverse populations. We achieved a 90%+ IVR payment completion rate for a population in which one out of five members chose IVR as a preferred payment method.